XML 35 R24.htm IDEA: XBRL DOCUMENT v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables present our assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 classified by the input method used to measure fair value:
(in thousands)Level 1Level 2Level 3
March 31, 2025
Assets:
Investments:
Money Market Funds$468 $— $— 
Mutual Funds14,177 — — 
Corporate Debt Securities— 1,647 — 
Government Debt Securities
— 61,966 — 
Derivative Instruments— 1,068 — 
Total Assets14,645 64,681 — 
Liabilities:
Derivative Instruments— 1,685 — 
Total Liabilities$— $1,685 $— 
December 31, 2024
Assets:
Investments:
Money Market Funds$596 $— $— 
Mutual Funds10,653 — — 
Corporate Debt Securities— 1,628 — 
Government Debt Securities
— 61,131 — 
Total Assets11,249 62,759 — 
Liabilities:
Derivative Instruments— 1,989 — 
Total Liabilities$— $1,989 $— 
Level 1 fair value measurements are based on quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date.
The level 2 fair value measurements for government and corporate debt securities are determined based on valuations provided by third parties which utilize industry-accepted valuation models and observable market inputs to determine valuation. Some valuations or model inputs used by the pricing service may be based on broker quotes.
The level 2 fair value measurements for derivative instruments are determined by using inputs such as forward electric commodity prices, adjusted for location differences. These inputs are observable in the marketplace throughout the full term of the instrument, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace.
In addition to assets recorded at fair value on a recurring basis, we also hold financial instruments that are not recorded at fair value in the consolidated balance sheets but for which disclosure of the fair value of these financial instruments is provided.
The following reflects the carrying value and estimated fair value of these assets and liabilities as of March 31, 2025 and December 31, 2024:
 March 31, 2025December 31, 2024
(in thousands)Carrying
Amount		Fair ValueCarrying
Amount		Fair Value
Assets:
Cash and Cash Equivalents$284,814 $284,814 $294,651 $294,651 
Total284,814 284,814 294,651 294,651 
Liabilities:
Short-Term Debt58,853 58,853 69,615 69,615 
Long-Term Debt993,513 879,759 943,734 806,826 
Total$1,052,366 $938,612 $1,013,349 $876,441 
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:
Cash Equivalents: The carrying amount approximates fair value because of the short-term maturity of these instruments. Fair value is determined based on quoted prices in active markets, a Level 1 fair value input.
Short-Term Debt: The carrying amount approximates fair value because the debt obligations are short-term in nature and balances outstanding are subject to variable rates of interest which reset frequently, a Level 2 fair value input.
Long-Term Debt: The fair value of long-term debt is estimated based on current market indications for borrowings of similar maturities with similar terms, a Level 2 fair value input.